IOI Corp plantation profits almost doubled in Q3

IOI Corp's plantation in Johor

PETALING JAYA: IOI Corp Bhd said profits from its plantation division almost doubled in the third quarter ended March 31 on the higher price of crude palm oil (CPO), but the group’s results were affected by lower sales and a thinner margin derived from its oleochemical and refining units.

The group said its performance was also affected by the smaller net foreign exchange (forex) translation gains on its overseas borrowings and lower fair-value gains on its derivative financial instruments from the group’s resource-based manufacturing segment.